Tax Free Countries: Income tax is the tax that the government of a country collects from its citizens. People also consider it a big burden on themselves. But the people of the countries we are going to talk about today do not have to pay tax.
United Arab Emirates – United Arab Emirates is a resource rich country (Tax Free Country in the World). There are oil reserves here and the trade free zone is open for foreign ownership. Along with this, income tax is not levied on people too.
Bahrain- Oil-rich Bahrain is also included in those countries where people do not have to pay corporate or income tax. However, as social security, employers and employees have to pay 9 and 6 percent of the base salary respectively.
Brunei- This country is also very generous towards its citizens and does not impose any income tax on them (Brunei Tax Free Country). However, there are provisions for levying tax on property and vehicles.
Bermuda – It is not a complete country but an autonomous region of Britain itself. The economy here is mainly dependent on companies related to financial services. There is no income tax or corporate tax on the people of Bermuda.
Monaco- Here people have been given great relief due to personal and business laws related to tax. People do not pay tax on personal income. Whoever stays here for six months or more, he gets citizenship here. After which he also gets exemption from income tax.
Oman- This Gulf country is considered very good for doing business, the reason behind which is the tax laws here. Taxes are not charged on personal income from citizens and non-citizens (Tax Free Country in the World 2021). Along with this, capital gains and assets are also covered under the tax-free law.
Kuwait- Six percent of the world’s total oil reserves are in Kuwait. This is the reason why the economy here is based on petroleum. The oil industry accounts for 90 per cent of the government’s total income. Due to which there is no tax on people here.
Qatar- A large number of people prefer to live in Qatar due to good infrastructure and tax free environment. However, migrants have to pay tax according to the tax rules of their respective governments.
Bahamas- According to the laws of this Caribbean country, people do not have to pay tax here (Tax Free Country in the World). Due to which it is also one of the favorite places of people to live. Individuals’ personal and corporate income is not taxed.
Saudi Arabia – The country with oil and gas reserves, Saudi Arabia also does not take tax from the people (Saudi Arabia Tax Free Country). It is also said to be the country with the largest youth population.